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Nabors Industries price target lowered to $75 from $115 at Morgan Stanley

Nabors Industries price target lowered to $75 from $115 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on Nabors Industries (NBR) to $75 from $115 and keeps an Overweight rating on the shares. While the firm agrees that upstream activity risks have increased year-to-date, there are some offsetting factors to consider, as the market is overly pushing what it views as oilfield science and energy stocks but not fully appreciating more diversified energy S&E stocks. The firm reiterated its preference for exposure to portfolios that have relatively outsized duration and defensive/diverse characteristics offering idiosyncratic growth opportunities.

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